HR Review Results Confirm Hiring and Salary Pressure

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Press Release August 2023

2023 Agribusiness HR Review Released

The 21st edition of the Agribusiness HR Review, Rimfire’s annual report on workforce and HR trends , was published in Augusthas been published.

This year,, survey responses were received from 145 Agribusinesses organisations operating across all aspects of the Australian Agribusiness supply chain. Managing Director Mick Hay said ‘I am very thankful to organisational leaders who volunteered their time

and information in contribution to this report. Their commitment allows us to accurately evaluate trends within the Agribusiness industry in Australia.’

Findings from the 2023 HR Review indicate employers in Agriculture can breathe a sigh of relief as it looks like the industry has finally reached the other side of the jobs boom. As reported upon in the findings, data captured by Rimfire’s Rural Jobs Index (RJI) shows, advertisement numbers,

while remaining significantly high, have slowed within 2023, with RJI recording lower year on year job advertisement numbers since March. The total permanent job advertisement count for July 2023 is down 30% from an all-time record high in February this year.

The below graph shows year-on-year comparisons of monthly job advertisement tallies from both the Rural Jobs Index and the SEEK Employment Report. Monthly results for the SEEK general employment market have been on a steady decline compared to 2022 figures since January this year, whereas the Agricultural sector has, until now, remained fairly consistent with last year’s results.

Over the 6 six months to June 2023, the average variance in job ad numbers tallied by the RJI was only 1.2% lower than the first half of 2022, while the average monthly difference in the SEEK results across the first half of the year is 14.7% lower.

The July Rural Jobs Index result (21.3% lower than July 2022) indicates Agriculture is now following the general market, suggesting a less candidate-driven environment than has been seen over the last three years.

(Table for graphing only)

Year-on-Year RJI vs SEEK

	RJI	SEEK
JAN	-0.2%	2.8%
FEB	5.9%	-12.2%
MAR	-8.8%	-15.7%
APR	-3.5%	-19.1%
MAY	-3.3%	-22.0%
JUN	1.3%	-22.1%
JUL	-21.3%	-19.5%

With vacancy numbers remaining above the pre-pandemic average, the industry still faces an exceptional shortage of skilled labour, including farm managers, agronomists and other agricultural technical specialists. Attracting and retaining experienced professionals is essential to ensure the industry’s long-term growth and ability to innovate. In times of candidate and labour scarcity, remuneration becomes a significant discussion topic, and while there has been significant pressure on businesses to increase salaries. The growth in salaries in Agribusiness sits slightly higher than the Australian Wage Price Index, but below the Consumer Price Index.

While the El Niño weather pattern expected in the second half of 2023 will result in a return to drier conditions, current high-water storage will provide some protection against drier conditions in the shorter term. Internationally, cropping conditions are expected to improve in several competitive markets, causing supply pressure on Australian crop prices. Simultaneously, consumer demand at both local and international level is feeling the impact of downward economic pressure. The industry’s understanding of operating on the mercy of external factors is apparent in the conservative, yet above average, approach to remuneration changes seen within the Agribusiness Salary Review in the 2022/23 year. Looking forward to the 2023/24 year, HR Review findings indicate that salaries will continue to rise.

For more information please contact Jessica Roberts (jroberts@rimfireresources.com.au), Mick Hay (mhay@rimfireresources.com.au), or call our office on 1300 380 701. New Paragraph